Life insurance is designed to protect and provide for your loved ones in the event you pass away. If you are married, your policy helps protect your spouse, but if that spouse is employed, their needs are relatively small. Once you have a child, your life insurance needs increase dramatically.
Start looking for the right policy before your child is born; that way you’ll have plenty of time to shop for the best policy and terms for your needs. Most experts recommend a policy at least three times your family income, preferably five or more. Plus estimate what you may need to cover day care or household help in the event you or your spouse will be working.